10 things you need to know today

Supporters
of Donald Trump watching election returns come in at Trump's
election-night rally in New York City.Reuters/Mike Segar

Here is what you need to know.

Donald Trump wins. Trump overcame substantial odds
to pull off what may be the greatest political upset in history.
Trump leads the Electoral College by 289 to 218 (270 needed to
win) with three states still undeclared. At the moment,
Democratic nominee Hillary Clinton holds a razor-thin lead in the
popular vote.

HSBC says a US recession is coming. Kevin Logan, the
bank's chief US economist, says that Trump's tax cuts might help
in the short run but that "the combined supply shock from a
contraction in the labor force and from a disruption to
international trade would likely put the economy into a recession
after a year or two."

US stock futures are making a comeback. Dow futures
tumbled by more than 800 points in overnight trade but have
rallied well off their worst levels, now trading down 360 points
at 17,924. The S&P 500 hit circuit breakers after a 5% drop
and is now off 2.3% at 2,087.

Stock markets around the world are mixed. Japan's
Nikkei and Hong Kong's Hang Seng were hit hard overnight, booking
respective losses of 5.4% and 2.2%. In Europe, markets have
stabilized after witnessing big drops at the open. Britain's FTSE
tumbled by more than 2% but now sports a loss of just 0.3%, and
Spain's IBEX has climbed into positive territory with a gain of
0.2%.

Treasurys have staged a massive reversal. Aggressive
buying pushed yields down by as much as 17 basis points in the
belly of the curve, but things have turned around — especially at
the long end, where the 30-year yield is higher by 13 basis
points at 2.75%.

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The dollar is taking a hit. The greenback is lower
against most of its major peers with losses ranging from 0.6%
against the British pound to about 2% against the Japanese yen.

The Mexican peso is getting slammed. The peso hit a
record-low 20.7818, down by more than 13%, when Trump took
control in key battleground states. It has since rallied off its
worst levels and is now down by 9% at 19.9660 per dollar. The
peso has repeatedly been under pressure on the prospect of a
President Trump, as he has promised to build a wall on the
US-Mexico border to crack down on immigration. The dollar is up
by 1% versus the Canadian dollar, as Trump has also repeatedly
said he will renegotiate NAFTA.

Gold is climbing. The precious metal hit an
overnight high of $1,338 an ounce but has halved its gains and
now sports a gain of 2.4% at $1,306 an ounce.

US economic data is light. Wholesale inventories
will be released at 10 a.m. ET and the Department of Energy's oil
inventories will cross the wires at 10:30 a.m. ET.

Earnings reporting remains strong. Viacom,
Tribune Media, and Wendy's are among the companies reporting
ahead of the opening bell, while Mylan and Shake Shack highlight
the names releasing their quarterly results after markets close.